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for us to go over the fiscal cliff and then taxes will rise, right, but then congress will reconvene on january 3rd and vote to cut taxes. is that appliable solution in your mind? >> it kind of it, pretty much what i feel will happen. they have a little bit of wiggle room. the majority of this is not going to be felt until 2014 for the majority of the income tax rise so that causes congress to force them to make a deal knowing that we actually are operating under a higher tax rate right now, even though americans won't feel it, so it's almost like an additional leverage for those who actually want to make a deal and get something done. i just want somebody, like starbucks, we all need to come together. >> and quit kicking the can down the road, darn it. >> exactly. >> ryan thank you for being with us this morning. >> thank you. >> ryan has been with us all week tackling the fiscal effects on your pocketbook. tomorrow, what the fiscal cliff means for your retirement. >>> from the strange case of the technology pioneer john mcafee on the run to so many tragic shootings, we have the top
of urgency if we fail to avoid the fiscal cliff, go over it and the markets react badly to it. right now people want us to come together in a bipartisan way. the absolute has to be bipartisan in the house. we've seen that in the last week. not even plan b, which is an unreasonable alternative to the too,000 threshold was able to garner a majority in the house of representatives. the speaker can't sell it to his own party, so i think he has to craft a bipartisan solution one way or the other, put aside the politics here. the nation's economic will suffer. >> should it come from the senate or from the house? >> i don't think it matters where it originates, but the point is the senate has already passed a bill that represents a reasonable compromise. extend the 250 -- the tax cuts for all incomes up to $250,000, and everybody would benefit on that first $250,000 of income. that it not only protects the middle class against huge tax increases on january 1, but also benefits many americans making more than 1250,000, because they will see the tax cut extended on their first $250,000 in income.
the fiscal cliff, how it will affect your paycheck right away. >>> i'm tracee wilkins in prince george's county. coming up, clergy, children, folks who live in this county remember sandy hook by gathering for prayer in front of a gun shot. i'll have that story coming up. >>> another winter storm making its way. more cold air. >>> we continue right now to follow the latest on the fiscal cliff talks. in just a few minutes, president obama is expected to speak to the media. he's been in meetings all afternoon with congressionally leaders. those meetings wrapped up just over an hour ago. at this point, no word of an agreement. >>> so what if there is no deal? what's the impact of going over the clip for you and your family? we8, right away on your next paycheck you'll see an increase of 2% in the social security tax. for the average family that's about $1,000 more every year. now, something that might take a few weeks, income tax rates will also rise for everyone. if you make between $50 and $75,000, you'll stand to lose about $92 every paycheck. for those making between $75 and $100,000,
somebody's having a laugh out there about this fiscal cliff business. >>> all right. they're going to do it again. anderson cooper and comedienne kathy griffin, teaming up to usher in the new year from times square. let's say thing got weird last night on "the situation room" when the two were promoting their new year's eve special. look at this. >> somebody tells me, and i'm not sure this is true, somebody tells me that you're obsessed with wolf blitzer. and yet every year it's me talking to you guys because i'm doing blitzer's show. i'm wondering, is that -- do you take it personally, do you think there's something to this? >> i have -- >> i think wolf is wise to stay away from kathy griffin because i once -- i don't know if you know this story, cathy -- candy. i lent -- kathy griffin one asked to come to my house in long island. and like a nice guy, i sent her a key because she wanted to go there a day in advance. and that night -- >> to clean up the place. >> no, first of all -- she arrived, she was terribly disappointed. i think she thought it would be like a house in downtown abbey
it's in their political interest to go over the fiscal cliff. is that right? >> yeah, you never want to rule a deal off the table because we have lived through so many rounds that have ended in deals in the last couple years, but in this case, i think democrats think they get a better deal on policy by going over the cliff. that they end up getting more in taxes with less in spending cuts than they would get if they had to cut a deal right now. and republicans have persuaded themselves not completely convincingly in my view, but they have persuaded themselves it's much better to accept slightly higher taxes that they themselves don't have to vote for directly, even though they'll still be casting a vote for new tax rates, they'll be able to say, well, taxes have already gone up and we're just voting to cut them. so that's sort of how, at least, i think both sides are persuading themselves to sort of tip-toe off the cliff. >> and charles, i know you think republicans have more to lose here, but does either side get a boost from this? >> i don't think you get a boost, but i think the r
. >> this whole metaphor we've been using about a fiscal cliff probably isn't the right one to be used. after all, if you go over a cliff, you usually don't get to live to tell about it unless you're batman or spider-man, but there are things that actually would happen right away and one of those things that would be right away in a negative impact would be unemployment benefits and 2 million americans would see the unemployment benefits and that would hurt the economy and that would hurt these people that are relying on this and the unemployment insurance has been seen as economic stimulus to get hands into the money of people who need it and they were things that actually get spread over the course of 2013 if there is no fix that is actually done and it is possible for congress to go back and fix things and talking about the increase of tax rates and there will also be spending cuts to government programs as well as the military and that will be spread over with 2013 and the world doesn't come to an end if we go over this quote, unquote, fiscal cliff and instead, a lot of the damage gets spread
that they are getting something done, the fiscal cliff meeting at the white house right now. what were the mechanics of rushing the deal through congress and getting it passed into law? what would that look like in four days? lisa desjardins joins us now. what will it look like? >> well, there is a couple of possibilities, don. one is that they take sort of the remnants of one of the bills that passed the house or the senate and they just change it. they add whatever is in this deal to it. they have a whole bunch of vehicles that are possible for that. one sticking point, because this deal would most likely deal with taxes, there is a rule in the constitution that is has been interpreted by most every side to determine it has to begin in the house, revenue measures begin in the house. they need a bill that starts in the house, okay, they have a lot to do that. then the trick is making sure they have the votes. i think if we see anything come out of tonight's meeting, anything substantial, that's what is going to happen this next day and a half. leaders on both sides have to make sure they have got t
's all because of the worries about the fiscal cliff. suzanne. >> all right. let's just listen in, and i'll bring you back for a bit. ♪ >> all right. there you go. allison, i want to bring you back for a couple quick questions here. we know the stocks are down, fiscal cliff. talk about what we think that means for us if we end up going over the fiscal cliff and you're looking at a lot of tax hikes as well as spending cuts. >> yeah. you have to believe if we go over the cliff that some sort of deal will happen up. if not within the first couple days of year, maybe the first couple weeks. what may happen is an impact right away to your paychecks in the early weeks of the new year. here is an idea of what we're in for anyway. we're going to see a lot of tax changes. payroll tax holiday. that would expire, and that means that the amount taken out of your paycheck would go from 4.2% to 6.2%, so that means if you're making $50,000 a year, it means $83 a month comes out of your paycheck. over the cliff it means you have a delay in tax refunds for the 2012 returns and that's because there's ye
comforts that town right now. also this morning, a rather dire prediction about the fiscal cliff and what might happen when lawmakers return later this week. it's a pocketbook issue for all of us. >> some people are expecting to maybe go right over that cliff. >> more likely than a couple days ago. >>> and later this half hour, the christmas edition of our insomniac play list. your favorites performed with an updated beat. putting a new spin on some of the old christmas classics. >> good to see ceelo hanging out with the muppets there. >>> topping our news right now, the nra is not backing down from its call to place armed officers in the nation schools. >> congressman chris murphy whose district includes newtown calls it tone deaf and also revolting. >> reporter: from the brooklyn bridge in new york to the sidewalks of falls church, virginia, anti-gun protests are springing up around the country. the debate on gun control has also triggered a run on gun shows and gun stores. sales are soaring as people rush to buy assault weapons before a possible ban. >> we're completely out of the so-c
to washington. when he arrives on thursday, it's right back to budget negotiations with the fiscal cliff deadline less than a week away. >> reporter: as the president wrapped up his vacation, federal workers trickled back into the nation's capital. the only people who can avert the fiscal cliff, members of the house and senate, have not returned. and in just six days, a 2% payroll tax is set to expire, along with the bush-era tax cuts, shrinking the average worker's paycheck in 2013 by about $1,500. long-term unemployment benefits for about 2 million jobless americans are also set to expire, and $110 billion worth of spending cuts to domestic and defense programs will kick in, forcing layoffs in the public and private sector. if congress doesn't act, all the cuts and new taxes will squish the economy back into a mild recession by mid-2013. the impact of some of these new cuts and taxes wouldn't be felt immediately on january 1st because the irs and other agencies didn't expect it to come to this. it could be a few weeks before workers see more money being withheld in their paychecks. >>
press that folks are starting to accept that weekend in fact plunge right off that fiscal cliff. after all we are a little more than a week away from the deadline when the spending cuts and push us back into another recession. lawmakers do plan to return to washington later this week to try to hammer out a last-minute deal. for now president obama and the first family are celebrating christmas in hawaii and that's where our ed henry is traveling with the president now live in honolulu. ed? bottom line the president is here in hawaii but might not be here for long. shortly after christmas likely to go back to washington. try and broker some sort of a deal. you remember before he left for hawaii, he announced that he wanted more of a short-term deal. sort of scaled back stop gap measure so that that big grand 4 trillion-dollar. instead he wanted to extend tax cuts for the middle class. he wanted to extend benefits for 2 million people that will lose those benefits a week after christmas. republicans are saying they think the president actually wants to go off the fiscal cliff for politic
the the fiscal cliff. everyone's taxes as of right now set to go up january 1st. do we have the countdown clock up? we'll get that up later, but here is where congressional leaders and the president stand on the fiscal cliff, listen. >> but whatever we come up with is going to be imperfect, some people are going to like it, some people like it less, but that's where we are and i feel confident that we have an obligation to do the best we can. >> a good meeting down to the white house. we are engaged in discussions, the majority leader and myself, and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make hess to his conference and we'll be working hard to see if we can get there in the next 24 hours and so i'm hopeful and optimistic. >> i'm modestly optimistic that an agreement can be achieved. nobody can get 100% of what they want. let's make sure that middle class families and the american economy and in fact the world economy aren't adversely impacted because people can't do their jo
to washington to try to lead us away from the fiscal cliff. >>> former president george h.w. bush in intentive care. we'll have the latest on that. >>> a vigil for firefighters, a tornado in action and december surfing in the great lakes. good morning. i'm mara schiavocampo. a powerful winter storm that brought an odd mix of tornadoes, heavy winds and snow to the nation's midsection is now wreaking havoc on the northeast. snow and sleet have produced treacherous road conditions from pennsylvania and western new york to maine with more than a foot of snow expected in some areas. this storm so far being blamed for at least six deaths. and as nbc's kurt gregory reports, the storm is creating a post holiday travel nightmare. >> reporter: cleanup on the day after christmas for the deep south. a record of more than 20 tornadoes as a massive storm system ripped through mississippi and alabama and left arkansas with a record-breaking white christmas. that storm system continued its march across the center of the nation wednesday, leaving a near whiteout from detroit -- >> not used to it. it's slick. >
. "early start" begins right now. >>> crunch time for the fiscal cliff. the key players to meet at the white house with just four days left until the deadline. >> they called him stormin norman. america remembering general norman schwarzkopf. >> and have gun, will teach. hundreds of educators get a hands-on lesson in firearms. controversial proposal. good morning. welcome to "early start." 5:00 a.m. in the east. >>> it is the last friday of 2012. i've just had that pointed out to us. one final desperate attempt to dodge the fiscal cliff, just four days left before we go over the edge triggers tax hikes, spending cuts that could send the nation back into recession. the president calling for members of the congress the back. a gang of six attending. vice president biden, harry reid, house minority leader nancy pelosi, mitch mcconnell and john boehner representing the republicans. brianna keilar is live from washington. is anybody optimistic that a deal could be done today around a table? >> i will tell you the optimism is sort of sinking. senate majority leader harry reid said he
? gregg: congressional leaders are on the floor right now talking about the fiscal cliff. this after senate majority leader harry reid said, yesterday, a significant distance remains in negotiations on resolving this. notwithstanding then about 48 hours of intense talks about spending and social security. >> i was really gratified to hear the republicans taking their demand for social security benefit cuts off the table. the truth is they should have never been on the table to begin with. there is still significant difference between the two sides but negotiations continue. >> i'm concerned about the lack of urgency here. we all know we're running out of time. this is far too much at stake for political gamesmanship. we need to protect the american families and businesses from this looming tax hike. everyone agrees that that action is necessary. gregg: steve hayes, is the senior writer for "the weekly standard" and a fox news contributor. steve, great to see you. the deal being bandied about right now to raise taxes on higher earners actually doesn't appear to do anything to fix the
're apprehensive. they're not committing to projects. they're waiting to see what happens with the fiscal cliff. >> hope is fact if congress can get it done before january 1st. even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> president obama has invited nancy pelosi, john boehner, mitch mcconnell, and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are five days from the new year, and we might finally start talking. >> today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chamber of commerce. >> i don't know time wise how it can happen now. >> under senate rules, the only way a bill could make its way through the procedural hurdles in time is if every senator agrees not to. they'll have 24 hours. outside the beltway, carlino will be watching. >> everyone is kind of in a wait-and-see and fingers-crossed per expect tichb right now. >> since 1930 this is only the fifth time congress has worked after chri
"newsroom" begins right now. >>> happening now in the newsroom, you know the fiscal cliff is fast approaching, but do you know how the u.s. got into this latest economic crisis? we have the answer. >>> chicago suffers a grim milestone. 500 homicides this year alone. later this hour, we'll talk to reverend jesse jackson about the probl problem. >>> we'll take you to the kennedy space center for an inside look at the museum. >>> and reviewers are raving about microsoft's latest updates but chances are you aren't even using it it. we'll explain this tech disconnect. newsroom starts right now. >> good morning. i'm victor blackwell. we're starting with you, your money and your taxes and that cliff. we're just four days from the fiscal cliff. this afternoon in the 11th hour, this is when it always happens, there's a high-stakes meeting at the white house. at the table, president obama and congressional leaders. the goal is to reach an agreement. but the roots of this current crisis can be traced back to the previous administration. cnn's chief business correspondent has a look at how we
. >>> lawmakers are taking us right up to the edge of the fiscal cliff. just two more days to go before tacks go up for all americans. will the president's pressure on congress in the last 24 hours bring a deal? john carl has some answers. reporter: with just three days left, finally a imlimmer of hope. >> i'm hopeful and optimistic. >> it's going to be imperfect and people aren't going to like it. >> right now it's in the hands of the two senate leaders pgz democrat harry reid and republican mitch mcconnell. they're working on a minideal that would preinvestigate a tax increase for roughly 98 of american workers, and extend unemployment benefits set to expire for two million people, and cut payments in medicare doctors. >> the american people are watching what we do here. obviously their patience is already thin. this is deja vu all over again. >> the 11th hour evident comes after the president met with the congressional leadership at the white house. his first such meeting in six weeks. even if mcconnell and reid come to agreement, there's no guarantee it will pass before the end of the year.
talked about the looming fiscal cliff. >> i'm not sure what's next. i can tell you, the senate's here, we're in session, we had votes tonight. the president is here. i'm the eternal optimist. we can pass the farm bill that we passed last june. by cutting subsidies for wealthy farmers. so, there's a lot of things that we can do but it's going to take the speaker deciding that he wants to work across the aisle to get it done. >> you can catch the rachel maddow show right here on msbnc on 9:00. >>> retired four-star general norman schwarzkopf died thursday at his home in tampa, florida. he was 78. the hard-charging general, was most famous for leading coalition forces to victory during the first persian gulf war in 1991. under his command it took troops just six weeks to drive saddam hussein's army out of kuwait. gener schwarzkopf is survived by his wife brenda and their three children. >>> former president george h.w. bush are main street in intensive care this morning. while mr. bush's condition is serious, in an e-mail, a spokesperson said for the family said that the president hasn't los
vacation for the hard reality of the fiscal cliff negotiations. the president called all four congressional leaders last night in an effort to reach a deal, but did that call fall on deaf ears? jared bernstein, former chief economist to vip biden, as well as a contributor. i want to start with the new statement from senator mitch mcconnell's office coming out says last night he called other lead serious. the leader is happy to review what the president has in mind, but to day date the majority has not put forward a plan. jared, is that good they're actually speaking, however far apart as it may sound, at least they're talking? >> it's a bit good. better to be talking than north. the unfortunate thing are the words they're saying. i don't hear much compromise or kind of conciliation in the statements we've heard thus far. i do hear a lot of theatrics, you go first, no you go first. it's strange to say the democrats haven't put forth any legislation on this, because in fact they have. in fact, a democratic majority in the senate passed a bill that's pretty similar to the compromise that the p
this fiscal cliff is really all about. we're talking about automatic tax cuts that will go into place as well as drastic, draconian cuts in entitlement programs, medicare, and even the military. the military can suffer very greatly if this goes through the sequestration. if you look at all this, you realize something has got to be done, because $2,000 per average taxpayer will be added to them over the course of this year if they fail to do something, what is going to happen? what is your prediction, brad? >> well, my prediction is, that we're likely to go over the cliff because the president also knows, kelly, in 2013 any deal made then can be retroactive to january 1st. so the draconian cuts we're talking about can be wiped away with the stroke of a pen should a deal be made. i believe the president believes he is in stronger position if he deal doesn't go through now because he believes he will have better leverage in january. kelly: sear lena? >> he has better leverage i agree with brad about that. he can come to congress after january 1 and pass tax cuts only for those making under $250,
republicans. and this is problematic obviously because in order to avoid the fiscal cliff, you would need to find some sort of deal that would make it through the senate and the house and that would need democratic and republican support. now, all eyes on the senate because they will reconvene on the 27th, thursday. and senate majority leader harry reid, it is up to him, really, to cobble together something that can get some of that support. right now the white house is still supporting a threshold of $250,000 back to their initial starting point for tax rates going up for those making more than that. but you can imagine, hala, that's going to be very hard for some republicans, maybe even some democrats to sign on to. >> right. and for just about a week ago, it was common to hear a deal will be hammered out. over the last several days we're hearing more and more that potentially this is a reality for americans in eight days' time. your sources in the administration, is there a real concern among some of the people you're speaking with that indeed this fiscal cliff will become a reality? >
friends on new year's eve. right now you talk about the fiscal cliff and also hitting this potential debt ceiling limit as well. $16.4 trillion we could arrive at on new year's eve. >> juliet: yeah. let's hear what congressman tray goudie had to say about this. he was on greta the other night. >> i assure you that there will be a resolution either before the new year or shortly after the new year. that's the good news, that there will be a deal. the bad news for you and your viewers is that there won't o'clock a solution. it will be a panacea or some magical alickser, make us all feel a little better. but shortly after the new year, we're also going to get a letter from timothy geithner asking us to raise the debt ceiling for the 80th time in our country's history. so there will be a quote, move to avert the fiscal cliff. your viewers should demand more than a deal. they should demand a solution. >> juliet: kimberly guilfoyle had that. >> kelly: here is a problem with all that, and i hope the congressman is right, because you want to have a sense of optimism. the president talked about be
estate market and how the fiscal cliff could affect it. we will be right back. >> ♪ [video clip] >> there are six who say that a party platform is something no one bothers to read and does not often amount to much. whether it is different this time than it has ever been before, i believe the republican party has a platform that is a banner of bold, and mistakable colors with no pale pastel shades. >> the 76 campaign is interesting because you see the evolution of reagan, his mind, its velocity, is politics. he talks in this speech about hope and the future and a future without nuclear weapons and america free of nuclear weapons. being aimed at weapons it more progressive. . it's . you are the world is not just a denunciation of big government liberalism. you can see his anti-communism evolving, is cultural views evolving. he has not yet gained or acquired the tax cut philosophy which fit so nicely into his optimistic outlook of empowering individuals to determine their own lives. >> saturday night at 8:00 eastern, the political campaigns of ronald reagan, part of four days of am
't so high for the rest of us. >> that's right. two days left until we all go over the fiscal cliff, which would mean everyone's taxes will go up, and sharp spending cuts will go into effect. that could drive our economy back into recession. so let's go to abc news chief white house correspondent jonathan karl filling in today for george stephanopoulos as host of abc's "this week." >> hey, jon, good morning. i know today and tomorrow, obviously hugely important. can you sort of walk us through the potential order of operations? what could we see play out today and tomorrow? >> well, it is right down to the wire, dan. what's happening right now is harry reid and mitch mcconnell, the top democrat, top republican in the senate, are still negotiating their staffs at this hour. they are supposed to be working until about 3:00 this afternoon when the plan would be presented to both caucuses. as we understand what they are talking about is the bare minimum. basically the senate negotiating to extend those tax cuts for everybody making under $250,000 a year and to extend unemployment benefi
a fiscal cliff breaking filibuster, i think that's going to have effects that they're going to be very concerned about down the road. so we have kind of a filibuster window here, if the minority leader, if the republican leader will let us proceed that way. >> well, from your mouth to your 99 colleagues' ears, to be sure. >> yeah. >> let's take a listen at your leader, your senate majority leader reid after the meeting. >> i hope everything's a good sign. i've had my confidence destroyed on other occasions, so i hope it's not on this occasion. >> do you share harry reid's cautious optimism there? >> yeah, i think so. he and minority leader mcconnell work together day in and day out. harry is a very good negotiator, who is very familiar with these issues, and we don't, in the senate, have the same issue of the huge tea party caucus in the house that the speaker, frankly, can't get a majority of his party together, because of. so you really have such a dysfunctional republican party in the house that the president had no place to turn, but to let these veteran legislators, these veteran
we go over the fiscal cliff or not, the debt is a huge problem. and it is not just lawmaker's crisis, it is ours too, some americans are not waiting for politicians to fix it. kyung lah met somebody who is doing something about it. >> reporter: in his garage, garcia is waiting to fix the fiscal cliff one can at a time. how much money have you sent the government? >> a little bit over $3,000. >> reporter: $3,197.88, to be exact. all tracked on a handwritten ledger. for the last three years, garcia has been paying the government $50 a month of his postal service pension and money from cans he collects. >> we are paying absolutely too much interest, too much interest. >> reporter: it really bothers you? >> it bothers me, because it makes no sense. >> reporter: sense is something garcia's wife of 59 years thinks her husband could use. do you think he is crazy? >> well -- >> reporter: call him crazy. but there is an entire federal office, the bureau of public debt that collects money from hundreds of mr. garcias. this office in parkersburg, west virginia, was set up by president kennedy s
're at in the system right now. >> it's all about the fiscal cliff, guys. schultz says this is a way to, quote, send our elected officials a respectful but potent message. interesting way to do it. >> the problem with the starbucks, they'll cut a deal. >>> let's talk about sports, shall we? call him a bad quarterback but do not call him a bad teammate. tim tebow firing back after a report that said he asked to sit out some offensive plays on sunday after being snubbed for the jets starting quarterback job. espn says tebow was so upset with the perception that he quit on the team that it dampened his christmas. as for tebow, he will likely be out of new york by next year, headed to presumably the jacksonville jaguars, his home team. but you know what this is? world's smallest violin. you think i feel sorry for him? >> especially with $5 million after being traded from denver. come on, tim, you're terrible. >> oh! >> he's got a lot to say. >> back to the dinner topic right now. as we have told you, president obama lands in washington today, back from hawaii to take part in negotiations over the f is c
it comes to the fiscal cliff. there are no major discussions going on right now about what to do now that talks between the president and the speaker appear to have stalled. in fact, the president and senate majority leader harry reid were both here in honolulu yesterday for the funeral of hawaii senator daniel inouye. we're told they didn't really discuss what to do next. before he left washington the president urged leaders to craft a sort of scaled down plan that simply extends the bush tax rates for the middle class and extends long-term unemployment benefits for another year. but, jeff and rebecca, it's really unclear whether even a package like that could pass both houses of congress. so the president is going to be cutting his vacation short and heading back to washington midweek to work with congressional leaders. at that point, as you know very little time left to get a deal only about five days. >> the pressure will be on. no do-overs for this one. nancy, i want to turn to michael crapo and his dui. what kind of details are emerging on that? >> reporter:
.vitac.com >>> "outfront" next, just six days until we all fall over the fiscal cliff and tonight, there's no action on capitol hill. will that change by the end of the year? tonight, two congressmen come out front to talk. plus, arizona's attorney general backs a plan reminiscent of the nra. and -- big from the worst of our politics. >>> i'm in for erin burnett. "outfront" tonight, christmas is over. washington back to work. the countydown is on. you've got six days to prevent this country from going over the fiscal cliff and today at least, we didn't see any action. nothing. now, i'm not trying to be a g n grinch here. i hope everyone's had a merry, merry christmas. >> drink some eggnog, have some christmas cookies, sing some christmas carols. >> but today's the 26th. you've drunk, you eaten and you've sung. now is the time for action. the latest news out of washington tonight, treasury secretary tim geithner told congress that the country will hit the debt ceiling on december 31st, some two months earlier than expected, but there's still no date yet on when the house of representatives will be c
or does one side want us to go off the fiscal cliff? washington insiders weigh in next. we'll be right back. with the spark miles card from capital one, thor gets great rewards for his small business! your boa! [ garth ] thor's small business earns double miles on every purchase, every day! ahh, the new fabrics. put it on my spark card. ow. [ garth ] why settle for less? the spiked heels are working. wait! [ garth ] great businesses deserve great rewards. [ male announcer ] the spark business card from capital one. choose unlimited rewards with double miles or 2% cash back on every purchase, every day! what's in your wallet? [ cheers and applause ] i just served my mother-in-law your chicken noodle soup but she loved it so much... i told her it was homemade. everyone tells a little white lie now and then. but now she wants my recipe [ clears his throat ] [ softly ] she's right behind me isn't she? [ male announcer ] progresso. you gotta taste this soup. smoke? nah, i'm good. ♪ [ male announcer ] every time you say no to a cigarette, you celebrate a little win. nicoderm cq, the patch
ready to do a thelma and louise and plunge over the fiscal cliff? some lawmakers sounded gloomy about any chances for a compromise deal. >> passing pln b would not have changed the outcome. we would have gone over the cliff before, we will go over the cliff now because it's what the president wants. you can't negotiate with someone who does not want to negotiate. >> in the aftermath of the house republicans rejecting speaker boehner aers so-called plan "b," it's the first time i feel like we will more likely go over the cliff than not, and if we allow that to happen, it will be the most colossal consequential act of congressional irresponsibility in a long time, maybe ever in american history. >> nine days remain to get a deal done. lawmakers are home for the holidays. house speaker boehner is in ohio. president obama as reported is in his native hawaii. before leaving washington, president obama urged congress to pass a mini plan that would preserve middle class tax rates. brianna keilar joins us live from hawaii. what do we think will happen as the holiday week rolls out? >> reporte
could the fiscal cliff mean for wall street and your retirement fund? i'm going to ask independent new york stock exchange trader in about one hour from now. >>> all right. let's switch gears here. because after newtown, gun buybacks are making headlines across the country. >>> and we're going to tell you how donors funded the biggest buyback ever in one connecticut town. i know. i'm will, and this is the nokia lumia 920 from at&t. it's got live tiles so all my stuff's always right there in real-time. it's like the ultimate personal assistant. but i'm me, and me needs handlers. so i hired todd to handle it for me. todd, gimme that hollywood news! what's happening on twitter? you're trending! yes! you can't have a todd, but you can have your own personal assistant. i guess you could call it todd. [ male announcer ] the new nokia lumia 920 with live tiles that deliver what you want in real time. only from at&t. rethink possible. i honestly loved smoking, and i honestly didn't think i would ever quit. [ male announcer ] along with support, chantix is proven to help people quit smoking. it
because of the budget and the fiscal cliff, hurricane and school shooting. and now, many retailers are stuck with inventory that they really need to clean out. >> they've got new merchandise that's coming in right behind it. and they recognize it's really now about recouping what sales they lost from the lack of excitement. so, look for the sales to carry through for most of january. but not much further than that. >> cohen says the biggest discounts will be on cold-weather merchandise because winter arrived late this year. >>> top economists feel housing will be one of the bright spots on the economy next year. mark zandi of moody says better housing will continue to improve over the next three to four years, with better sales, more construction and higher prices. last month, existing home sales rose more than wall street expected, almost 6%, reaching the highest level in three years. >>> more homeowners in trouble may also be getting some help. "the wall street journal" reports the obama administration is thinking about expanding its refinancing program. borrowers whose mortgages
, it's not going to be anything where they reached the fiscal cliff. but there's not enough agreement to have the rank and file members do anything. it is still at the top level leadership discussions. the senate is going to try to finish work on a sandy disaster aid supplemental bill which they have been trying to get done for weeks. they are hoping to finish that today and also trying to work on a foreign intelligence surveillance act authorization extension. there's enough on the floor to keep them busy. the question is whether they will have something to vote on may be on christmas eve. on sunday joe lieberman indicated we would all be working new year's eve. we will see that happens. >> online, we have a special page set up related to the so- called fiscal cliff. you could watch video of hearings and briefings. there is a live stream of comments from viewers and reporters. that is all at c-span.org cli cliff.l >> it is a great resource for anyone to know the ins and outs of capitol hill. >> julie watches c-span on verizon. brought to you as a public service by your television pro
of snow on the ground in the lower 48 than last year. >>> next, just six days until the fiscal cliff. the clock is ticking and it's not just about taxes. ahead, what else is at risk if a deal isn't reached in washington? >>> and the latest on former president george h.w. bush. an update on his condition is next. trust duracell to power their donated toys? duralock power preserve. it locks in power for up to 10 years in storage. guaranteed. duracell with duralock. trusted everywhere. i'm going to dream about that steak. i'm going to dream about that tiramisu. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. advil pm® or tylenol pm. the advil pm® guy is spending less time lying awake with annoying aches and pains and more time asle
have breaking news from the white house where president obama is talking about the fiscal cliff after a meeting with congressional leaders. let's listen in. >> also ask lobbyist americans to pay a little more. above all, protect our middle class and everyone who is striving to get into the middle class. i want to still get this down. the right thing to do for our families, our businesses, and for our entire economy. but, the hour for immediate action is here. it's now. we're now at the point where, in just four days, every american's tax rates are scheduled to go up by law every american's paycheck will get considerably smaller. and that would be the wrong thing to do. for the economy, would be -- it would be bad for middle-class families and for businesses that depend on family spending. fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion at the white house with senate and house leadership about how to prevent this tax hike on the middle class. and i am optimistic we may still be able to reach an agreement that can
. we begin with that fiscal cliff hanger in washington, d.c. there are now just two days left until automatic tax hikes and severe budget cuts go into effect the. the president is urging them to reach a deal. senate leaders are working on a last-minute compromise. >>> a horrific accident in mississippi. six people including five children were killed when their suv plunged into a creek yesterday. the children were all related. police say four other adults including the parents of those children managed to escape. the vehicle that caused that accident is under investigation. >>> stunning video of a plane crash outside of moscow, russia, the passenger plane overshot the runway and slammed into a highway yesterday. amazing video for that. the eight members on board were killed. no passengers on the plane and no one on the highway was hurt. the cause of that crash is under investigation. >>> and finally, a celebration at the vatican. about 40,000 young pilgrims from all across europe attended an open air mass conducted by pope benedict. they cheered as the pope waved to the crowd from hi
. the top headline on politico is fiscal cliff deal increasingly unlikely. i think a lot of people are feeling that pessimism right now. what are you hearing? >> well, i think what you've got here, alena, is a nash equilibrium to borrow from economic theory and game theory. each of the players believe they are pursuing their optimal strategies given the strategies of the other players and there's no reason to change it. i think as observers of this, the american public, you can say there's a real reason to change it. in terms of the politicians, i think they're pursuing their best strategy right now and that leads us toward that cliff. unless something changes in the next couple of days, most folks now believe that any fix will happen after january 1st. >> the house gop leadership put out a statement yesterday. i want to read part of it for you. it says in part, the house has acted on two bills which collectively would avert the entire fiscal cliff if enacted. those bills await action by the senate. if the senate will not approve, and send them to the president to be signed into la
that are in our control and we have to worry about our fiscal houses and less about the fiscal cliff. >> and those are simple things to do but they take time. but it's good advice. >>> okay, we hear a lot about the amt and how congress may put a patch on that. can you explain it in a simple way so everyone can understand? >> back in '69 they came out with something called "minimum tax." and in '82, the alternative minimum tax and this was a way to make sure the ch wealthy pay their fair share. this is how to level the playing field a little bit. this simply says now it's around $74,500. if -- it will go down to about $45,000 if the fiscal cliff goes off and nothing is done to adjust it. individuals now getting $45,000 back in '82 when first enarngted which is a lot different than $45,000 today. so if individuals earning $45,000 today might be impacted by additional taxes by this amt if something's not done. and, again, this is just a way to try to -- the problem with the amt is it wasn't adjusted for inflation so as time went on and prices have gone up and people have made more money and inflation
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